Earthquake Study

​By assessing the overall costs of a potential 7.1-magnitude earthquake in Quebec and a potential 9.0-magnitude earthquake in British Columbia, an IBC study shows that the country is not prepared for a major seismic event. ​

​Released in 2013, the “Study of Impact and the Insurance and Economic Cost of a Major Earthquake in British Columbia and Ontario/Québec” report summarizes the impact and costs of an earthquake.​

An Earthquake Wake-Up Call for Canadians

IBC’s commissioned earthquake study estimates the overall costs after a 9.0-magnitude earthquake in British Columbia at almost $75 billion. It estimates the costs after a 7.1-magnitude earthquake in the Quebec City-Montreal-Ottawa corridor at almost $61 billion.​​​

The full report quantifies the damage that can be expected. It demonstrates that a major earthquake would have a significant economic impact r​​egionally as well as cause a domino effect on the economy of Canada.​

Groundbreaking Study

The study is the first major Canadian research of its kind in 20 years. AIR Worldwide, global experts in catastrophe modelling, conducted the peer-reviewed analysis. Although the two seismic zones studied – British Columbia and the Quebec City-Montreal-Ottawa corridor – cover only a small fraction of Canada’s total area, 40% of Canadians live in these zones.​

​​​Across Canada, many stakeholders are planning for and mitigating the risk of earthquakes. IBC commissioned the report to raise awareness and provide a valuable tool for governments, regulators, disaster preparedness organizations, the banking community, the insurance industry and the public.